Cryptocurrencies to boost trade in Nigeria – Luno

Cryptocurrency is a form of digital currency that makes use of cryptography to process, secure and validate transactions for trade and commercial activities. Cryptocurrency has been beloved to be one of the surest ways of enhancing the trade and commerce industry in Nigeria.

In a cryptocurrency forum organized by Luno in Lagos, titled “Building Trust in the Nigerian Cryptocurrency Market”, some financial and crypto experts in the blockchain community stated that cryptocurrency will help to enhance and improve the economic, trading and commercial activities across Nigeria to the rest of the African countries and beyond.

While most developed countries are accepting and embracing the use of cryptocurrency, it has been discovered that it is yet to be adopted in some places in the world. Cryptocurrency happens to be untapped in some African countries.

This has made some experts in the Nigerian blockchain community to call out for greater regulation of cryptocurrency in the Nigerian economy. Some crypto experts pointed that the regulation of cryptocurrency in Nigeria will help to reduce the economic crisis rocking the country and also help to boost the overall economy of the country.

Also recall that in November 2018, they were calls made by blockchain communities in Nigeria who asked for cryptocurrency regulation from the Central Bank of Nigeria (CBN). The non-regulation of the use of cryptocurrency in Nigeria has affected so many online businesses especially blockchain companies and cryptocurrency exchangers in the country. Cryoto experts have predicted a rapid growth in the country’s economy if cryptocurrency would be regulated by the Central Bank of Nigeria (CBN).

In a  presentation made at the Luno crypto summit, the Chief Operating Officer (COO) of Blockchain Solutions Limited, Mr. Lucky Uwakwe spoke to the audience that the use of cryptocurrency is on the rise all over the world and that 65% of the world’s population are aware of cryptocurrency. While citing a research made by Luno Nigeria, Mr. Uwakwe said that that 25% of people in the case study own and make use of cryptocurrency. According to Mr Lucky, who said that 51% of people saw cryptocurrency as an investment, 16% used crypto for the purposes of online shopping, 19% of people in the case study used crypto for the purposes of remittance and another 11% uses crypto to make transfer and top-ups for their families and friends.

Mr Uwakwe also advised Nigerians to speed up and catch up with other countries of the world or else, they will be left behind. Another cryptocurrency investor, Olaleye Awe encouraged Nigerians to engage and participate in cryptocurrency operations like purchasing and buying bitcoins. However, he was quick to remind Nigerians not to invest more than what they can afford to lose; by saying that Bitcoin and other cryptocurrency coins are volatile. He equally advised them to trade in cryptocurrencies like Bitcoin when the prices are low.

With speaking at the event, Owenize Odia (County Manager, Luno) said that Luno was introduced in 2013 as an international platform to improve the system of Bitcoin and Ethereum trades.